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  "docSlug": "9c995cfa26e4",
  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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  "notes": "The slide highlights that market data providers (Capital IQ, Yahoo Finance, Bloomberg) are undercounting shares, leading to an understated market capitalization.",
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      "text": "Spruce Point believes the market is miscalculating Porch's market capitalization by not having the correct share count. Its valuation and stock multiples are much higher after taking into account warrant and option adjustments.",
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      "text": "Total Shares Outstanding: 100.0",
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      "text": "Source: Spruce Point Analysis",
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      "text": "Capital IQ, Yahoo Finance, and Bloomberg data snippets showing market-reported figures.",
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      "text": "Comparison of Porch Street vs Spruce Point Adjusted share counts including warrants, HOA shares, and options.",
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      "text": "Market Has The Wrong Share Count",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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